The Reserve Bank of India has opened a dedicated department for Fintech . It will help create regulations for cryptocurrency and its upcoming central bank digital currency.
RBI’s smart move
India will reportedly make two CBDCs, one each for wholesale and retail.The new department will be tasked with managing their development. The RBI has been amongst the most vocal opposition for cryptocurrencies in India. The department will oversee new challenges coming from the fintech ecosystem, including cryptocurrency.
